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Banking in the Southeast
On the Mortgage side I believe that they are both predominately portfolio lenders. While balance sheet lending may offer a bit more aggresive pricing the paper is typically a bit more conservative when it comes to underwriting guidelines. Boils down to simple economics. The other issue with portfolio lending, especially in this environment, is that it offers little to no margin when passing the risk into the securities market. Basically, you end up getting clipped when trying to generate cash flows for new lending money.
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